Archive for the ‘Choong Kar Weng’ Category

According to prosecution, Wahju was just a conduit, dutifully following instruction from Serina. Previously, Wahju himself refuted this. In addition, SC Maniam showed another evidence that Wahju had control of the usage of the bonds which Serina did not know about.

And so, even until the last day of Serina’s stand, prosecution’s argument was still unconvincing. Dear Judge, please acquit them, ok?~~~

Indeed, a few years ago there was online noise when CHC purchased Suntec shares. While online noise done by non-Christians was inevitable, I clearly remembered even Christians made online noise too. Very unfortunate. CHC had experienced more than enough online persecutions from non-Christians. And yet, fellow Christians did exactly the same thing as those non-Christians. If these Christians had doubts and questions, why could not they just keep it private and ask CHC directly? Was there really a need for them to go online? Could they find the answer even if they went online?

“The DPP further painted the picture that the entire series of bond redemption transactions, which involved Xtron, Firna, Ultimate Assets, AMAC and the church, was designed to “hide the trail of funds” and “obscure” the fact that it was really the church’s own money that had been used to repay itself.”

While Serina disagreed with prosecution, I remember Chew Eng Han offered another view. According to Eng Han, using money to repay itself is not unusual practice in financial world. Hence, that substantially weakens prosecution’s argument on round tripping.

Yup, the leaders are doing just fine since the whole church prays for them~~

As written in City News, Chew Eng Han visited Firna’s glass factory as due diligence. One may wonder why Eng Han went through the trouble of visiting Firna so if indeed Firna bond had been sham. It looks like prosecution’s sham bond argument is still not convincing.

The advice from Foong Daw Ching became the topic of questions this time. Serina claimed Foong gave a certain advice. Foong, in 2013, claimed he had not given this advice. In fact, he could not recall many of evidences shown to him. Seeing his inability to recall many things, one should not take Foong’s testimony as absolute. Instead, I guess one should really take Foong’s testimony regarding his advice with a pinch of salt. Perhaps even better, one should check if other evidence is consistent with his testimony.

Interesting hypothetical question from the prosecutor as written in City News

“if the bonds were sham, Wee and the co-defendants would have to find a way to meet its obligation under that disguise because the time of it being exposed was near.”

Hmm, if I were the one doing sham bond, I would have issued the bonds multiple time to buy time rather than find ways to meet obligation due to limited time. That’s an easier way to run a sham bond. After all, as stated by Chew Eng Han himself, reissuing multiple bonds is acceptable practice in his field. But of course, reissuing bonds does not automatically mean it is a sham bond. Do I miss anything here?

Another important line from City News.
Xtron directors decided against the Citic Ka Wah loan as the interest was too high.
Prosecution claims Xtron is controlled by the leaders.
It does not seem to match the evidence whereby the directors did not approve the leaders’ suggestion.

By the way, from City News website, one can tell the trial is quite a breeze for Serina.
She smiles all the way and looks fashionable everyday~~